Detailed Narrative
Growth Portfolio Momentum
The growth portfolio, including Opdualag, Breyanzi, Camzyos, and Reblozyl, demonstrated strong performance, growing 15% in Q4 and 17% for the full year, reaching $7.4 billion in Q4. These products are early in their life cycles and are expected to strengthen the foundation for long-term growth, nearly offsetting a $4 billion decline from the legacy portfolio. Cobenfy and Qvantig also showed steady progress, with Cobenfy surpassing all schizophrenia comparators in its first year of launch.
Pipeline Catalysts and Strategic Focus
BMS anticipates a data-rich period in 2026 with six potential new product readouts, including milvexian in atrial fibrillation and secondary stroke prevention, admilparant in idiopathic pulmonary fibrosis, iberdomide, mezigdomide, and arlo-cel in relapsed/refractory multiple myeloma, and RYZ101 in GEP-NETs. Additionally, pivotal line extension readouts for Sotyktu in lupus and Cobenfy in Alzheimer's disease psychosis are expected. The company aims to introduce over 10 new medicines and 30 launch opportunities by 2030.
Cost Savings and Operational Efficiency
The company achieved over $1 billion in cost savings in 2025 as part of its $2 billion strategic productivity initiative, with the remaining $1 billion expected over 2026-2027. These savings provide flexibility to reinvest in growth drivers and new development programs, such as the pumitamig partnership and Orbital Therapeutics program, while reducing overall operating expenses to approximately $16.3 billion in 2026.
Eliquis Dynamics and Pricing Strategy
Eliquis continued strong performance with 6% revenue growth in Q4, driven by demand and market share gains, with US revenue up 4%. A reevaluated pricing strategy, including a 40% WACC reduction and removal of Medicare Part D liability, is expected to drive 10-15% growth in 2026 by eliminating inflationary penalties and expanding access. However, a $1.5 billion to $2 billion step-down is projected for 2027 due to anticipated generic entries in major ex-U.S. markets, particularly with EU patents expiring late 2026.
Business Development Priorities
Business development remains a top priority, with a focus on opportunities that build breadth and depth within existing therapeutic areas where BMS can add scientific, clinical, and commercial value. The company is not 'chasing deals' but remains opportunistic, leveraging its strong financial position to pursue high-return opportunities, including in neuroscience, where it has shown a willingness to expand its presence.
Milvexian and LPA1 Development
The milvexian AFib study (Librexia) has enrolled over 20,000 patients and continues to be endorsed by the DSMB for progression, with confidence in achieving non-inferiority on efficacy vs. Eliquis and superiority on bleeding. Admilparant (LPA1) for IPF/PPF is progressing well in Phase III with 120mg and 60mg doses, showing manageable hypotension risk and potential for improved efficacy and tolerability compared to existing therapies, which often lead to treatment abandonment due to GI issues.